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Garden Bookkeeping & Tax Service

Signed in as:

filler@godaddy.com

  • Home
  • About
  • Services
    • Tax Preparation
    • Tax Consulting
    • Business Services
    • Bookkeeping
    • Payroll
    • Sales Tax
    • Audit Representation
  • Resources
    • Newsletter
    • Track Your Refund
    • IRS Tax Forms
    • State Tax Forms
    • Tax Rates
  • Client Portal
  • Contact
    • Request Appointment
    • Submit Documents
    • Job Application
    • Student Internship

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2023 Tax Rates

Single Taxpayers - Standard Deduction $13,850

10%     0 to $11,000

12%     $11,000 to $44,725

22%     $44,725 to $95,375

24%     $95,375 to $182,100

32%     $182,100 to $231,250

35%     $231,250 to $578,125

37%     Over $578,125

Married Jointly & Surviving Spouses - Standard Deduction $27,700

10%     0 to $22,000

12%     $22,000 to $89,450

22%     $89,450 to $190,750

24%     $190,750 to $364,200

32%     $364,200 to $462,500

35%     $462,500 to $693,750

37%     Over $693,750

Married Filing Separately - Standard Deduction $13,850

 10%     0 to $11,000

12%     $11,000 to $44,725

22%     $44,725 to $95,375

24%     $95,375 to $182,100

32%     $182,100 to $231,250

35%     $231,250 to $346,875

37%     Over $346,875

Head of Household - Standard Deduction $20,800

 10%      0 to $15,700 

12%     $15,700 to $59,850 

22%     $59,850 to $95,350 

24%     $95,350 to $182,100 

32%     $182,100 to $231,250

35%     $231,250 to $578,100 

37%     Over $578,100

Estates & Trusts

 10%     0 to $2,900

24%     $2,900 to $10,550

35%     $10,550 to $14,450

37%     Over $14,450

Social Security

 Social Security Tax Rate: Employers:     6.2%

Social Security Tax Rate: Employees:     6.2%

Social Security Tax Rate: Self-Employed:     15.3%

Maximum Taxable Earnings:     $160,200

Medicare Base Salary:     Unlimited

Medicare Tax Rate: Employers:     1.45%

Medicare Tax Rate: Employees:     1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers):  0.9%

Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers):        3.8%

Education

 American Opportunity Credit (per student):     $2,500

Lifetime Learning Credit (per return):     $2,000

Student Loan Interest Deduction:     $2,500

Coverdell Education Savings Account Contribution:     $2,000

Miscellaneous

Business expensing limit: Cap on equipment purchases:     $2,890,000

Business expensing limit: New and Used Equipment and Software:     $1,160,000

Qualified Business Income threshold amount:     $182,100 (single and head of household)

                                                                                       $364,200 (married filing joint return)

Qualified Small Employer Health Reimbursement Arrangement limit:     $5,850 (single coverage)                                                                                                                                                                                          

                                                                                                                             $11,800 (family coverage)         

Prior-year safe harbor for estimated taxes of higher-income:     110% of your 2022 tax liability

Standard mileage rate for business driving:     65.5

Standard mileage rate for medical driving:     22

Standard mileage rate for charitable driving:     14

Child Tax Credit:     $2,000

Unearned income maximum for children under 19 before kiddie tax applies:     $1,250

Maximum capital gains tax rate:

                                                             taxpayers with income $44,625 to $492,300      15%

                                                             single filers, $89,250 to $553,850     15%

                                                             married filing jointly     15%

Maximum capital gains tax rate:

                                                             taxpayers with income above $492,300      20%

                                                             single filers, $553,850     20%

                                                             married filing jointly     20%

Capital gains tax rate for unrecaptured Sec. 1250 gains:     25%

Capital gains tax rate on collectibles:     28%

Maximum contribution for Traditional/Roth IRA:     $6,500 if under age 50
                                                                                         $7,500 if 50 or older

Maximum employee contribution to SIMPLE IRA:     $15,500 if under age 50
                                                                                           $19,000 if 50 or older

Maximum Contribution to SEP IRA:     25% of eligible compensation up to $66,000

401(k) maximum employee contribution limit:      $22,500 if under age 50
                                                                                       $30,000 if 50 or older

Estate tax exemption:     $12,920,000

Annual Exclusion for Gifts:     $17,000


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  • About
  • Tax Preparation
  • Tax Consulting
  • Business Services
  • Bookkeeping
  • Payroll
  • Sales Tax
  • Audit Representation
  • Newsletter
  • Track Your Refund
  • IRS Tax Forms
  • State Tax Forms
  • Tax Rates
  • Client Portal
  • Request Appointment
  • Submit Documents
  • Job Application
  • Student Internship

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